Uber Acquires the Bike-Share Company Jump

10 April, 2018, 20:33 | Author: Becky Perry
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Compared to a $20-plus Uber ride from downtown to Presidio Heights during surge hours, it's a tough deal to beat-if you are physically capable of cycling. Unlike the cars on its ride-hailing network, which belong to the drivers, Uber will have to own and maintain the Jump bicycles. Chinese startups Mobike and Ofo have recently entered the United States, competing with bike-share services sponsored by Citigroup Inc (C.N) and Ford Motor Co (F.N) and California-based startups such as LimeBike. Progress was slow. However, in the last few years, as companies sought to do for other modes of transportation what Uber did for cars, on-demand bicycles have become a hot area of investment. Cities have been already seeing changes in how people breathe.

But more pressingly for the ride-hailing business, bike-sharing, and especially electric bike-sharing, poses a particular threat to the industry at large. "This also helps us provide greener, more affordable, and more accessible transportation options for commuters, ultimately reducing the need for individual auto ownership". "Achieving that goal ultimately means improving urban life by reducing congestion, pollution, and the need for parking spaces".

Its e-bikes, which were unveiled a year ago in Washington DC, cost $2 (£1.40) for the first half-hour, then 7 cents per minute.

Starting in 2017, the company took the concept and applied it to electric bicycles.

Jump's operations are set to expand considerably in the wake of the acquisition.

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Dockless bikeshare businesses have distribute fast across the U.S. within the previous nine months after breakout victory in China. The bicycles have sparked controversy at times, with critics complaining they can be parked irresponsibly and litter sidewalks.

I'm excited to announce that JUMP Bikes will be joining Uber.

JUMP is a dockless electric bike service that has rolled out in San Francisco, where it has 250 bikes, and Washington.

Jump, founded by Ryan Rzepecki, had raised $11.6 million from investors including Menlo Ventures. Riders pay $2 for 30 minutes of use. Both companies have confirmed the deal and the bike-share firm may continue to operate independently, though the staff will be absorbed in Uber's roll. Back in 2019, he plans to earn a considerable push into Europe.

"We don't have to worry about acquiring customers", Rzepecki told CNNMoney. "Now it is simply about shifting style and understanding and getting people willing to try a bike in lieu of the vehicle".

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